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The recent $27 million hack of the decentralized finance (DeFi) protocol Penpie has drawn attention from another high-profile hacker. On September 3, Penpie experienced a significant security breach, resulting in the theft of $27 million worth of digital assets. Following the incident, Penpie halted all deposits and withdrawals to mitigate further losses. Within a day of the exploit, the hacker transferred $7 million in stolen assets to Tornado Cash a crypto mixer used to obscure the origins of digital funds.
The Penpie hack has also attracted the notice of the individual behind the $195 million flash loan attack on Euler Finance in March 2023. This hacker sent an on-chain message to the {Penpie} (PNP) exploiter, commending them for not returning the stolen funds. In contrast, the Euler Finance attacker ultimately returned all but $20 million of the stolen funds after receiving an on-chain message offering to keep the remaining amount if 90% of the stolen assets were returned. The Euler Foundation also issued a $1 million reward for information leading to the hacker's arrest, which was later discontinued after the recovery of 90% of the stolen funds.
In August, the crypto industry saw a 215% increase in the value of losses from phishing attacks, despite a decrease in the number of victims compared to July. Over 9,000 individuals fell prey to phishing scams, resulting in approximately $63 million in losses. A significant portion of this figure is attributed to a single large-scale attack on August 20, in which a wallet owner inadvertently signed a malicious transaction. This transaction led to the transfer of 55 million Dai, enabling the perpetrators to seize the funds.
These incidents underscore ongoing challenges in the DeFi sector, highlighting the need for enhanced security measures and vigilance against fraudulent activities.
